3 things that will change the world today

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What was said:

Information and Technology is undoubtedly an economic driver in the new era. To shine in the fierce I&T race amidst keen competition, Hong Kong must optimize its resources by focusing on developing its areas of strength, namely biotechnology, artificial intelligence, smart city and financial technologies.

Housing supply has been a long standing problem in Hong Kong. The government has been making every effort to identify land and boost housing supply.

Why it matters:

This year’s budget was expected to be a difficult balancing act between for Chan between sharing the city’s wealth while keeping up with long-term investments.

Hong Kong recorded its fastest economic growth in six years in 2017, spurring calls to share more of the wealth with those in need.

3 Things That Will Change the World Today

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Hong Kong is widely seen to be lagging far behind the new industry push of rivals like the southern China tech hub of Shenzhen, and Singapore and this budget would appear to be an attempt to catch up.

Background:

Hong Kong’s economy grew 3.4% in the fourth quarter from a year earlier, according to Chan while full-year 2017 GDP came in at 3.8% — the fastest since 2011 – and up from 1.9 percent growth in 2016.

GDP this year is expected to grow between 3% and 4%.

Hong Kong’s chief executive Carrie Lam kicked off her five-year term last July amid calls for political reform of the Chinese territory.